Gas to average under $3 in 2015, government says

NEW YORK- The Energy Department now predicts the average price of gasoline will be below $3 a gallon in 2015. The dramatically lower estimate will save U.S. consumers and the economy more than $60 billion if it holds true.

The department's Energy Information Administration predicts in its most recent short-term energy outlook, released Wednesday, that drivers will pay $2.94 per gallon on average in 2015, 45 cents lower than this year.

Based on current gasoline consumption, that's a savings of $61.1 billion.

Economists say lower gasoline prices acts like a tax cut, leaving more money for people to spend on other things. Consumer spending is 70 percent of the U.S. economy.